Shell USA, Shell Midstream Partners Announce Merger Agreement

Shell USA, Shell Midstream Partners Announce Merger Agreement

Shell USA and Shell Midstream Partner announced that they had signed a definitive agreement and plan of merger.  According to the agreement, Shell USA to acquire all of the common units representing limited partner interests in Shell Midstream Partners held by the public. Shell USA will purchase them at $15.85 each in cash, representing a total value of approximately $1.96 billion.

SHLX’s assets include stakes in companies that own crude oil and refined product pipelines and terminals that are crucial pieces of infrastructure for delivering refined products from U.S. Gulf Coast and Midwest refining markets to major demand centres, as well as storage tanks and financing receivables that are secured by pipelines, storage tanks, docks, truck and rail racks, and other types of infrastructure used to transport crude oil from onshore and offshore production.

The Transaction is expected to close in the fourth quarter of 2022, subject to customary closing conditions. A subsidiary of Shell USA, as the holder of a majority of the outstanding SHLX common units, has delivered its consent to approve the Transaction concurrently with the execution of the Merger Agreement. As a result, SHLX has not solicited and is not soliciting approval of the Transaction by any other holders of SHLX common units.


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